Purchasing a property under an LLC

[Todd Lawrence]

I'm sure this has been discussed on here before, but I can't find it anywhere.

I have purchased a property under my name and fixed it up (not all the way/ was planning on rehabbing but realized I was running out of money). I now intend to rent it out but was guided to start an LLC to protect myself from a law suit.

It takes about 300 bucks to start an LLC but I need to know if/how I can sell the house to myself. No gains, no freaky numbers, just a way to protect my assets from a greedy tenant (if my screening doesn't catch it).

In fact I intend to transfer the rest of my cash on hand to my new LLC bank account.

Should I wait until next year(1 month away) to start the LLC and transfer the title?

I am not living in the house, and I do not intend to live in it at anytime.

Thank you for your time and advice.

V/R

Todd Lawrence

[Sam McPeek]

Make sure you talk it over with your CPA. Your not really transfering money, you're (as a person) making a capital investment in the LLC (an entity). Defining and doing it correctly with your CPA can save you down the road if you ever wanted the LLC to pay you back your capital investment.